Four business development best practices

In a recent post, we mentioned that the Credit Union National Association’s 2014-2015 Environment Scan offered several marketing insights. One of the bonuses to this year’s publication is that it also offers a mini-section on improving your business development efforts.

As the section noted, business development extends your credit union’s reach. But not automatically. Just having a business development person, staff or department does not guarantee success. Sean McDonald, president of Your Full Potential and author of the business development section, offers four best practices for credit unions to implement.

According to McDonald and the E-Scan, successful credit union business development programs share these characteristics:

(1)    Structure

Business development doesn’t start with sales; it starts with structure. The biggest key with how you structure your business development area is authority and responsibility. Make sure you give your business development people plenty of both.

(2)    At the table

“Business development should be represented at executive meetings and strategic planning sessions,” McDonald notes. One of the plusses with a “seat at the table” is the feedback business development provides executives. Having heavy interaction with non-members and the community, business development often serves as the eyes and ears for key products and issues important to consumers.

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